Russia is an important trading partner for Salzburg
economy
According to the Association of Industry, the effects of the sanctions against Russia will actually be visible for the Salzburg economy. With a trading volume of around 160 million euros a year, Russia is one of the “top ten” trading partners.
Around half a percent of Salzburg’s gross domestic product is generated through trade with Russia. That sounds manageable, but it puts Russia in tenth place among the most important trading partners of Salzburg’s economy.
The sanctions imposed on Russia because of the war in Ukraine would therefore also have noticeable effects, explains Peter Unterkofler, President of the Salzburg Industrial Association: “You can see that from an economic point of view. But – to put it positively, it only weakens the economic upswing. However, the impact of very heavily involved individual companies can be enormous.”
Energy prices problem for economy
According to Unterkofler, it is also problematic for the economy that the already high energy prices are being further fueled by the conflict: “Of course, this means serious damage for energy-intensive companies – completely independent of whether they have a relationship with Russia or not.” Overall, however, Unterkofler still expects strong economic growth this year, which should ultimately be around four percent.